Dayton, Ohio--In an effort to sweep away past financial problems, Moto Photo Inc. has begun a two-pronged approach to secure a future. On November 25, the photo processor filed for Chapter 11 bankruptcy protection. As part of its restructuring plans, the company plans to sell nearly all its assets to MOTO Franchise Corp. The sale is not final and must be approved by the bankruptcy court.
MOTO Franchise Corp. will differ from Moto Photo in that it will not own stores. Moto Photo owns 11 stores that will close unless they can be sold before MOTO Franchise Corp. takes over, which should take 45 to 60 days. -Dayton Business Journal